Inflows would have been stronger were not for about $600 million in redemptions related to prior year AXA assets sales in Canada and Australia that hit during the quarter.

Private client gross sales of $1.4 billion were down from the prior quarter. The retention is moderated and net cap net outflows flat. In institutional, gross sales of $3.8 billion were down sequentially and year-over-year. CRS sales were much later this quarter compared with the large funding we saw in a two comparable prior quarters.

As expected we had about $5.2 billion institutional redemptions related to AXA assets sales last year. This pushed outflows higher for the second consecutive quarter.

Slide 5 breaks out the impact of this dynamics when institutional flows more clearly. As you can see from the chart, top right, absent the AXA impact, outflows have been stable since the third quarter of 2011 and were substantially better than the first and the second quarter of last year.

As you have surely noted, we also added to our pipeline during the quarter, 40% of our $6.6 billion pipeline at the quarter end represented new additions including in diverse services like emerging market debt, global credit and small cap growth.

In fact, we're seeing increased our fee activity in both Fixed Income and Equities. In Fixed Income, we had first quarter wins in U.S. High Yield and Global Plus put a fine contribution and pitch for new business in global credit, global investment grade, high income and muni's.

In Equities, we had wins in market neutral, U.S. small cap growth and we're getting into more searches for emerging market value against strategic value and select U.S. equity. Maintaining our recent improvement in investment performance will be a key factor in wining more business going forward.

As you can see on Slide 6, many of our services beat their benchmarks in the first quarter. Most of our Fixed Income strategies continue to outperform. Global high income, global fixed income and diversified yield have all beaten their benchmarks for the quarter, one, three and five year periods.